DBP approves P2.5-B loan for shopping center project

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DEVELOPMENT Bank of the Philippines (DBP) has approved a 2.5 billion peso loan for a company building a lifestyle and shopping mall in Caloocan City.

The loan will be granted to Innov Block Development Corp. to help build the Limketkai podium.

The mall will accommodate 1,300 stalls run by micro, small and medium-sized enterprises (MSMEs).

Innov Block Development Corp. mainly works in real estate leasing. The company is a subsidiary of Alfonso de Oro Corp.

“We continuously support infrastructure projects that can help MSMEs join the mainstream of major economic activity to help them recover from the disease.ffeffects of the pandemic”, Chairman and Chief Executive Officer of DBP Offisays Emmanuel G. Herbosa.

He said the three-level mall will also create jobs in the northern Caloocan area.

The public bank provides credit in infrastructure and logistics, MSMEs, environment, social services and community development.

Last month, DBP said it provided a loan of 700 million pesos to an industrial park developer, Science Park of the Philippines, Inc., to Ifnance projects as the manufacturing sector recovers.

The science park loan will partly fund land development, road construction and water service projects, the bank said.

The bank’s net profit in the first quarter of 2021 fell 62% year-on-year to 547.83 million pesos as its operating expenses increased, according to a previous report. — JP Ibanez

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